10-13-1997 EDA - Laserfiche WebLink

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3. SURVEY: TITLE EXAMINATION. Buyer will obtain a survey of the Property which (a) shall be certified as of a current date in favor of Buyer and Old Republic Title Insurance Company, in accordance with the "Minimum Standard Detail Requirements for Land Title Surveys", Class A Survey 1992, jointly established by the American Congress on Surveying and Mapping and The American Land Title Association, (b) shall be prepared by a registered land surveyor for the State of Minnesota with his or her seal affixed and dated, (c) shall contain a legal description identical to that set forth in the title insurance commitment described below, and (d) shall otherwise show matters and contain a certification satisfactory to Buyer in its sole discretion. Seller agrees to provide a copy of an existing 1995 survey of the Property to Buyer as soon as possible after execution of this agreement. Buyer will, within ten (10) days of receipt of a proper legal description from Seller, for the cost of the title insurance policy as described above, obtain a current commitment for a policy of title insurance (ALTA-B, 1970), together with copies of all items referenced therein, issued by Old Republic Title Insurance Company and showing marketable title vested in Seller, subject only to such encumbrances as Buyer may accept in its sole discretion. Buyer will place its application for such commitment with the main office of Old Republic Title Insurance Company at 400 Second Avenue South, Minneapolis, Minnesota 55401, Attention: Karen Butler, (612)371-1111. Seller shall provide to Buyer a copy of any policy of title insurance for the Property which Seller may have. Such commitment will include-(a) proper searches covering bankruptcies, State and Federal judgements and liens, taxes and special assessments, and (b) any endorsements required by Buyer, together with copies of each and every document referred to in such commitment. Buyer shall be allowed thirty (30) days after receipt of last oto be received of said survey and said commitment for examination of said title and making of any bjections thereto, said objections to be made in writing or deemed to be waived. In the event Buyer closes on the purchase of the Property, Buyer shall receive a credit for the cost of the title commitment only, against the Purchase Price. If any title objections are so made, the Seller shall be allowed 60 days to make such title marketable. Pending correction of title the Closing shall be postponed, but upon correction of title and within 10 days after written notice to Buyer, the parties shall perform this Agreement according to its terms. At Closing, said commitment shall be endorsed to update the effective date through the date of recording, to delete standard exceptions for mechanic's liens, survey and parties in possession and to show Buyer as fee owner of the Property. If said title is not marketable and is not made so within 60 days from the date of written objections thereto as above provided, Buyer, at its sole option, may by written notice to Seller either (i) declare this Agreement null and void or (ii) close this transaction. If this Agreement is made null and void by reason of either Seller's or Buyer's failure to make title corrections pursuant to this Section 3, neither party shall be liable for damages hereunder to the other, and all earnest money theretofore paid by Buyer shall be refunded. If title to the Property is found marketable or is so made within the above-described time eriods, and if the Buyer is in default pursuant to this Agreement and continues in default for a period of 10 days, then in that case Seller may terminate this Agreement, and on such termination, all payments made upon this Agreement shall be paid to Seller pursuant to Section 2, time being of the essence hereof.